Tata Technologies makes bumper D-st debut; lists at 140% premium at Rs 1,200

Shares of Tata Technologies Ltd made a stellar debut at Dalal Street on Thursday as the Tata Group stock was listed at Rs 1,200, a premium of 140 per cent, over its issue price Rs 500 on the National Stock Exchange. The Tata Motors promoted entity was listed at a premium of 140 per cent at Rs 1199.95 against the same issue price on BSE.

Tata Technologies joined the likes of companies such as Latent View Analytics, Paras Defence and Space Technologies, Sigachi Industries, Happiest Minds and Mrs Bector Foods, which doubled investors wealth on debut. The company was commanding a total market capitalisation of Rs 48,678.20 crore at debut.

Last heard, shares of Tata Technologies were commanding a premium of Rs 425 per share in the grey market, suggesting a listing pop of 85 per cent for the investors. The premium in the unofficial market has remained firm since the closure of issue, holding more than Rs 400 per share.

Tata Technologies sold its primary offering in the fixed price range of Rs 475-500 apiece with a lot size of 30 equity shares. The issue was open for bidding between November 22 and November 24 to raise a total of Rs 3,042.51 crore. The issue was entirely an offer for sale by the promoter and other selling shareholders of the company.

The issue saw a huge demand across all the categories of investors and attached 73,58,222 bids worth more than Rs 1 lakh crore and commanding an overall subscription of 69.43 times. The portion for qualified institutional bidders was subscribed a stellar 203.41 times, while the portion reserved for retail investors and non-institutional investors was booked 16.50 times and 62.11 times, respectively.

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It had separate reservations for eligible employees of the company and shareholders of Tata Motors Ltd and Tata Motors DVR Ltd. The allocation reserved for shareholders of Tata Motors and eligible employees was booked, 29.20 times and 3.70 times, respectively during the bidding process.

Tata Technologies is a global engineering services company by Tata Group, which offers product development and digital solutions. Incorporated in 1994, the Tata Motors promoter entity offers turnkey solutions, to global original equipment manufacturers (OEMs) and their tier-I suppliers across the globe.
 

JM Financial, Citigroup Global Markets India and BofA Securities India are the book running lead managers of the IPO, while Link Intime India is the registrar for the issue.

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